As Nifty is trading in 300 points range of 11500-11800 for the past one month, 11500 is acting as strong support
1. Bull market or bear market today?
The index looks to be in favour of bulls, struggling to cross a very important resistance of 11840 in future. Buying around 116770-11680 is recommended for further targets of 11750-11780 with a strict stop loss of 11620.
2. Stocks likely to be in limelight today?
Kotak Mahindra Bank, Bajaj Auto are will be in limelight.
3. Sectors likely to impact market today?
Metal and banking. Metal stocks like Tata Steel, JSW Steel, Hindalco are leaders in the sector and we have a positive outlook for the metal sector for the coming few sessions. The banking sector also supported the market and some heavyweight stocks which are at 52-week highs like HDFC Bank, Kotak Mahindra Bank have also strengthened the index. Concluding all these factors, we are looking for positive momentum in the above sectors in the coming couple of weeks.
4. Your mid-term view?
As Nifty is trading in 300 points range of 11500-11800 for the past one month, 11500 is acting as strong support. Also, this range can be considered going forward for a month. Other factors like election result can lead to an increase in volatility. Buying on dips can prove to be a favourable strategy for traders. Also, this volatility can result in broadening the trading range of the index. Lower side supports would stretch to 11250-11200. Any chance on dips can be a good opportunity for entering long trades.
5. What drove markets on Tuesday?
The trading session was volatile and kept its momentum. Banking, Pharma, IT and metal stocks were the main players. Banking and metal stocks showed recovery from their bottoms and managed to close in positive territory. IT stocks have taken reversal from their top, which drove market to its bottom in the second half.
Mustafa Nadeem, CEO, Epic Research
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